A management shakeup is expected at Merrill Lynch in the coming days, people close to the firm told CNBC, and changes will include the departure of Peter Kraus, head of strategy at the investment bank.

Warren Buffett has very publicly proclaimed that now is the time to be "greedy" and buy U.S. stocks, because everyone else is fearful, and those fears are driving down stock prices to bargain levels. While some praise his leadership and courage, there are also skeptics.